Patrick Industries (NASDAQ:PATK) Receives Buy Rating from Truist Financial

Truist Financial restated their buy rating on shares of Patrick Industries (NASDAQ:PATK - Free Report) in a report published on Friday, Benzinga reports. The brokerage currently has a $130.00 price objective on the construction company's stock.

A number of other equities research analysts also recently weighed in on the company. StockNews.com downgraded Patrick Industries from a buy rating to a hold rating in a report on Thursday, March 21st. KeyCorp increased their price target on Patrick Industries from $110.00 to $115.00 and gave the company an overweight rating in a research note on Friday, February 9th. Finally, Roth Mkm increased their price target on Patrick Industries from $101.00 to $120.00 and gave the company a buy rating in a research note on Friday, February 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Patrick Industries has a consensus rating of Moderate Buy and an average price target of $103.00.

Patrick Industries Price Performance

Shares of PATK stock traded down $1.96 during trading hours on Friday, reaching $107.10. The company's stock had a trading volume of 89,895 shares, compared to its average volume of 175,255. The firm's 50 day simple moving average is $113.13 and its 200-day simple moving average is $95.84. The company has a market capitalization of $2.40 billion, a price-to-earnings ratio of 16.45 and a beta of 1.72. Patrick Industries has a fifty-two week low of $63.57 and a fifty-two week high of $123.58. The company has a quick ratio of 0.73, a current ratio of 2.38 and a debt-to-equity ratio of 0.97.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its earnings results on Thursday, February 8th. The construction company reported $1.49 earnings per share for the quarter, beating analysts' consensus estimates of $1.39 by $0.10. The firm had revenue of $781.20 million for the quarter, compared to the consensus estimate of $780.97 million. Patrick Industries had a return on equity of 14.31% and a net margin of 4.12%. The company's revenue was down 17.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.82 EPS. Sell-side analysts forecast that Patrick Industries will post 7.84 earnings per share for the current year.

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 4th. Shareholders of record on Tuesday, February 20th were issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 2.05%. The ex-dividend date was Friday, February 16th. Patrick Industries's payout ratio is presently 33.79%.

Insiders Place Their Bets

In other Patrick Industries news, Director Michael A. Kitson sold 3,290 shares of Patrick Industries stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $110.87, for a total transaction of $364,762.30. Following the transaction, the director now directly owns 8,553 shares of the company's stock, valued at approximately $948,271.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Patrick Industries news, Director Michael A. Kitson sold 3,290 shares of Patrick Industries stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $110.87, for a total transaction of $364,762.30. Following the transaction, the director now directly owns 8,553 shares of the company's stock, valued at approximately $948,271.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Andy L. Nemeth sold 10,000 shares of the business's stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $115.00, for a total value of $1,150,000.00. Following the completion of the transaction, the chief executive officer now directly owns 289,619 shares in the company, valued at $33,306,185. The disclosure for this sale can be found here. In the last three months, insiders have sold 48,873 shares of company stock valued at $5,681,957. 6.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. lifted its stake in shares of Patrick Industries by 5.8% in the 1st quarter. BlackRock Inc. now owns 3,691,563 shares of the construction company's stock valued at $222,602,000 after purchasing an additional 201,274 shares during the period. Vanguard Group Inc. lifted its stake in shares of Patrick Industries by 4.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,860,048 shares of the construction company's stock valued at $81,543,000 after purchasing an additional 78,014 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Patrick Industries by 1.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,443,213 shares of the construction company's stock valued at $144,828,000 after purchasing an additional 21,735 shares during the period. Pacer Advisors Inc. increased its position in Patrick Industries by 39.7% in the 4th quarter. Pacer Advisors Inc. now owns 1,046,059 shares of the construction company's stock valued at $104,972,000 after buying an additional 297,381 shares in the last quarter. Finally, State Street Corp increased its position in Patrick Industries by 3.8% in the 1st quarter. State Street Corp now owns 760,855 shares of the construction company's stock valued at $45,880,000 after buying an additional 27,636 shares in the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Company Profile

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.